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WASHINGTON (AP) - Rates on 30-year mortgages jumped to the highest level in seven months as hopes diminished for Federal Reserve rate cuts any time soon.
Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.37 percent nationwide this week, up from 6.21 percent last week. It was the highest level for 30-year mortgages since they averaged 6.40 percent the week of Oct. 26.
Analysts said the second consecutive weekly increase in 30-year mortgage rates after they had been unchanged or fallen for a month reflected concerns in financial markets that inflation worries will keep the Fed from cutting rates in coming months.
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